In 2015 a study made by FIS found that only 23% of customers believe their banks are fulfilling their expectations. Now, in the COVID-19 era, a recent survey conducted by PwC shows that even though consumers are happier with the banking services provided, the new risks of the industry are competitors and mostly non-traditional competitors. In fact, KPMG has stated that banks are encouraged to use channels that haven’t been prioritized in the past.

Starting with 1990, digitalization has been a constant in the financial industry. This trend that continues to grow is driven by new customer expectations. When today's consumer evaluates financial services, they don't compare banks anymore. They compare experiences. Thus, banks adopted new technologies to improve their services, and create smarter digital service offerings.

With a digital-first focus, the banking game has changed, as shown by the new disruptive proposals that appear in the industry. The latest of which, is virtual banking.

The Court of Justice of the European Union (CJEU) delivered its judgement in “Schrems II” on July 16, 2020, invalidating one of the common methods for legally sharing personal data between entities in the EU / EEA and their affiliates or vendors in the US – the EU-US Privacy Shield program, in which more than 5300 US companies are enrolled -- and casting doubt on the future of the mechanism employed by most companies in the EEA to transfer data abroad, the EU-approved Standard Contract Clauses (“SCCs”).  Alternatives are available, but they are more limited and are also under pressure.